GUESS INC — Director's Dealing 2007

Jul 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GUESS INC (GES)
CIK: 0000912463
Period of Report: 2007-07-12

Reporting Person: MARCIANO PAUL (Director, Vice Chairman & CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-12	Common Stock	M	25000	$8.68	Acquired	78100	Direct
2007-07-12	Common Stock	M	20000	$7.795	Acquired	98100	Direct
2007-07-12	Common Stock	S	45000	$52.10	Disposed	53100	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-12	Employee Stock Options (right to buy)	$8.68	M	25000	Disposed	2015-06-20	Common Stock (25000)	Direct
2007-07-12	Employee Stock Options (right to buy)	$7.795	M	20000	Disposed	2014-02-26	Common Stock (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8219088	Indirect
Common Stock	4739972	Indirect
Common Stock	1765034	Indirect

Footnotes

F1: Shares are held by the Paul Marciano Trust dated 2/20/86, a revocable trust of which the reporting person is the sole trustee and sole beneficiary and has the exclusive pecuniary interest.

F2: Shares are held by Marciano Financial Holdings II, LLC in accounts specifically allocated to trusts for the benefit of the reporting person and his minor children.

F3: Shares are held by NRG Capital Holdings, LLC in accounts specifically allocated to trusts for the benefit of the reporting person and his minor children.

F4: The option vested 25% each on December 31 of 2005 and 2006. The balance of the option will vest 25% on each December 31 of 2007 and 2008.

F5: Not Applicable

F6: The option vested in full on June 20, 2005.